IndustryARC updated the market research study on “Plastic Lumber Market ”- Forecast (2024 - 2030)

Plastic Lumber Market is forecast to reach $11.5 Billion by 2030, after growing at a CAGR of 6.90% during 2024-2030. Plastic lumber is a building material made from recycled plastics, typically high-density polyethylene (HDPE) or a combination of various plastic types. It serves as an eco-friendly alternative to traditional wood lumber, offering several key properties and benefits. Plastic lumber is highly durable and resistant to rot, decay, and insect infestations, making it ideal for outdoor applications such as decking, fencing, and outdoor furniture. Its longevity far surpasses that of natural wood, reducing the need for frequent replacements. Moreover, plastic lumber is impervious to moisture, preventing swelling or warping, and it can withstand harsh weather conditions, including UV exposure, without fading or deteriorating.

One of the main factors driving the global market plastic lumber market over the forecast period is that plastic lumber is perceived as an eco-friendly substitute to hardwoods from forests and nontoxic alternative to pressure treated wood, which contains chemicals such as copper. According to a study from the U.S. Army Corps of Engineers, plastic lumber products are stable, durable, resilient, and resistant to weather, rot, mildew, and termites (without chemical pressure-treatment) and hence the market for plastic lumber is estimated to grow. The report covers Plastic Lumber Market size by type and applications, Plastic Lumber Market share by top 5 companies and also the market share by start-ups during the forecast period.

Report Coverage

The report: “Plastic Lumber Market – Forecast (2024-2030)”, by IndustryARC, covers an in-depth analysis of the following segments of the Plastic Lumber Market.

By Product Type: Virgin Plastic, Recycled Plastic, Composite

By Resin Type: Polyethylene, Polyvinyl Chloride, Polystyrene, Others

By Application: Decking, Molding and Trim, Fencing, Landscaping and Outdoor Products, Windows and Doors and Others

By Geography: North America (USA, Canada, and Mexico), Europe (UK, Germany, Italy, France, Netherlands, Belgium, Spain, Russia, and Rest of Europe), Asia-Pacific (China, Japan, South Korea, India, Australia, and New Zeeland, Indonesia, Taiwan, Malaysia, and Rest of APAC), and Rest of the World: The Middle East (Saudi Arabia, UAE, Israel, Rest of the Middle East) and Africa (South Africa, Nigeria, Rest of Africa)

Key Takeaways

New manufacturing techniques improve color-fade resistance and help to give plastic lumber a closer resemblance to natural woods, particularly expensive hardwoods like ipe and redwood.

The newest application for plastic lumber is backing material for luxury vinyl tile (LVT) flooring. Such materials enhance comfort underfoot and add durability to LVT without sacrificing other performance properties, such as ease of installation.

Plastic lumber reduces demand for other materials like pressure treated wood, having serious environmental impacts. Plastic lumber also competes with other materials such as steel, concrete and aluminum, which have high environmental impacts.

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By Product Type - Segment Analysis

Recycled Plastic segment held the largest share in the plastic lumber market in 2023. Recycled plastic lumber is mostly polyethylene reinforced with stiffer plastics or recycled composites like car bumpers and hence do not require any need of protection from insects or other animals. Most of the plastic lumber products use recycled plastics as they are of potential benefit to the environment.? ?The manufacture of recycled plastic lumber from post-consumer and post-industrial resins is promising as it consumes large quantities of waste plastics that would otherwise be destined to landfills, and converts the waste into useful, durable products.

By Resin Type - Segment Analysis

Polyethylene held the largest share in the plastic lumber market in 2023. Most plastic lumber products on the market are made from high- and low-density polyethylenes (HDPE and LDPE). Nevertheless, plastics vary depending on their production processes and the additional materials used in the formulation of different products. While no plastic is environmentally friendly, polyethylenes have lesser chemical hazards and associated environmental health impacts, making them environmentally preferable to those that have greater hazards and impacts such as polystyrene and polyvinyl chloride. To improve performance qualities such as some plastic lumber producers reinforce the primary plastic resin with other materials like fiberglass which is often used to increase the load-bearing capacity of plastic lumber.

By Application - Segment Analysis

Decking held the largest share in the plastic lumber market in 2023.? Plastic lumber is used to protect forests by preventing new trees from being felled to make decking, fencing, furniture and piers. Most plastic lumber in decks is used as flooring, where the flexural modulus is less critical. Not only will homeowners continue to install decks to create outdoor entertainment and recreation areas, but they will increasingly add such features as outdoor kitchens, firepits, and hot tubs to their decks. Decks will be larger in size and will require more railings and other components to create the tables, benches, privacy lattices, and other related features.

Geography - Segment Analysis

North America dominated the plastic lumber market with a share of more than 36% during the forecast period.? U.S. is projected to be the fastest-growing market for plastic lumber in North America, followed by Mexico and Canada due to numerous number of manufacturers. Due to massive demand from construction industries and actively growing manufacturing base in North America, it will propel the plastic lumber market during the forecast period.

Drivers – Plastic Lumber Market

Growth in Construction Industry and International Standards

Increased usage of plastic lumber in new construction activities, increased penetration in decking applications, and increased expenditure on residential renovation are key factors driving growth in the plastic lumber market. One key factor driving the growth of plastic lumber use is the increasing number of ASTM International standards. The Plastic Lumber Trade Association (PLTA) has developed most of the current standards and focuses on single-polymer products. The organization aims to increase public awareness and promote the acceptance and use of plastic lumber products for consumer, commercial and government use as well as act and function as a clearing house of information for the industry by collecting information and statistics that will aid the growth of the plastic lumber and other associated industries.

Challenges – Plastic Lumber Market

Viscoelasticity of plastic lumber

Viscoelasticity of plastic lumber is expected to hinder the market growth. The material’s mechanical properties are time–temperature-dependent and subject to permanent deformation (i.e. creep) under sustained loads. The rate of this creep depends on the duration and magnitude of the stress and the temperature at which it is applied. In addition, due to change in temperature, plastic lumber can experience significant dimensional changes. Another critical issue inherent to the material has been its relatively flexural strength and low stiffness.

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Market Landscape

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the insulated wall panels market. In 2023, the market of plastic lumber has been consolidated by the top five players accounting for 36% of the share. Major players in the plastic lumber market are:

? Trex Company, Inc.?

? Fiberon

? TANGENT Technologies, LLC.

? Genova Products, Inc.

? PlasTEAK, Inc. and PlasDECK, Inc.

? American Recycled Plastic, Inc.

? KWK Plastic Lumber Co., Ltd.

? Ecoville

? CMI

? Repeat Plastics Australia Pty Ltd. and others.

Acquisitions / Technology Launches

In January 2023, Trex Company, Inc., a leading manufacturer of wood-alternative decking and railing products, acquired Cyclo Industries, LLC, a provider of specialty cleaning products for various industries, including plastic lumber. The acquisition aimed to enhance Trex’s cleaning and care offerings for its customers and distributors.

In March 2023, Fiberon, a subsidiary of Fortune Brands Home & Security, Inc. and a leading producer of composite-based decking, railing, and cladding, acquired CertainTeed’s North American fencing business, which included Bufftech? vinyl fence and SimTek? fence, a specialty product that simulates the look of stone and wood. The acquisition expanded Fiberon’s outdoor living portfolio and increased its presence in the plastic lumber market.

In June 2023, TANGENT Technologies, LLC., a leading manufacturer of recycled plastic lumber products for outdoor living, marine, and industrial markets, acquired Bedford Technology, LLC., a leader in structural plastic lumber for commercial markets. The acquisition created the largest plastic lumber company in North America, with a combined annual capacity of over 200 million pounds.

In September 2023, Genova Products, Inc., a leading manufacturer of plumbing, building, and outdoor living products, acquired PlasTEAK, Inc. and PlasDECK, Inc., two sister companies that specialize in recycled plastic lumber products for marine and outdoor applications.